John Paul M. Joaquin Tech 07.05.2022 07:Jul AM EDT

Meta Is Ending Support for Novi Soon After Just One Year

Meta's dream of having a cryptocurrency wallet will soon remain just a dream in the next few months.

The social media giant has recently announced it is discontinuing support for its Novi digital wallet in the coming months and has been advising its users to withdraw their balance as soon as they can.

Meta's Novi digital wallet was launched in mid-October 2021, which was available only in the US and Guatemala in its existence, per 9to5Mac.

Meta's Novi Discontinuation Details

Meta's Novi mentioned in its announcement that the Novi app and its extension on WhatsApp will no longer be available come September 1 and that users will be unable to log in to access their account after that date.

Novi users will also be unable to add more funds to their accounts starting July 21 to prevent further loss should a user be unable to withdraw their money before September 1.

To withdraw funds from Novi, users from the US and Guatemala are advised to transfer their money to their bank accounts. However, Guatemala users can also opt to cash out at a nearby withdrawal location for a more practical withdrawal process.

Should some funds remain in a user's Novi account after September 1, the company will attempt to transfer the balance to their bank account or debit card they connected to their account.

To access the remaining funds in a Novi account and have them transferred to a bank account after September 1, users are advised to contact the company through its Contact Us page.

Additionally, users can request a copy of their Novi information on or before September 1. However, users who wish to get a copy after the previously mentioned date can no longer request one.

It is unclear why Meta is discontinuing support for its Novi digital wallet. However, it may be due to governent disapproval and lack of users.

Meta's Intention With Novi

Novi is Meta's attempt at a digital wallet, wherein users can send and receive money "instantly, securely, and with no fess," per The Verge.

The one-year pilot was meant to "test core feature functions, and operational capabilities in customer care and compliance," along with an attempt of a demonstration of a viable use of stablecoins for payments, according to Meta's head of Facebook Financial at the time, David Marcus.

However, sending and receiving real-world money is not the only function Novi provides for its uers. It can also send and store Meta's Diem cryptocurrency, which was formerly known as Libra.

Unfortunately, Meta gave up on the cryptocurrency after multiple congressional hearings and several high-profile staff departures, per a separate article from The Verge.

The association behind the cryptocurrency sold its assets to Silvergate, a crypto-focused bank for around $200 million.

Diem is also not a stranger when it comes to congressional disapproval: Meta was previously called on by Congress to shut down its Novi project, citing the company's untrustworthiness to manage cryptocurrency, per Coin Geek.